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ADELAIDE’S ONLINE DAI LY NEWS PAP ER Wednesday, 20th May 2009 BREAKING BUSINESS NEWS Recovery this year, says RBA China’s economic recovery is “real” and could bring an Australian recovery within months - far sooner than the 2010-11 revival predicted in the federal budget, according to Reserve Bank Governor Glenn Stevens. In the strongest sign yet that offi cials believe the economic tide is turning, Mr Stevens said yesterday that developments in China and Australia were “consistent with the view that a recovery will get under way towards the end of the year”. $A higher as optimism boosts currencies The Australian dollar opened at a seven-month high as increased optimism in the global economy gave a boost to commodity-based currencies. At 0700 AEST, the Australian dollar was trading at $US0.7746/50, up 0.77 per cent from Tuesday’s close of $US0.7687/90. It was the local currency’s highest start to the domestic session since October 2, 2008. Stocks towatch JHX - JAMES HARDIE INDUSTRIES LTD - up fi ve cents at $4.39. Building materials supplier James Hardie Industries is tipped to post a signifi cant fall in profi t and an increase in asbestos claims when it reports its full- year results today. ELD - ELDERS LTD - down 3.5 cents at 33 cents. Agribusiness and automotive components supplier Elders Ltd has sharply reduced its earnings expectations to a loss for fi scal 2009 following a drop in fertiliser and chemical prices. SPORT Aboriginal heroes won the struggle: Goodes MICHAEL COWLEY Sydney co-captain Adam Goodes believes racial vilification has almost vanished from the game through the suffering of his “brothers” from earlier eras. Speaking before the annual indigenous round, Goodes and his opponent this weekend, Port Adelaide’s Aboriginal star Daniel Motlop, both said the work of indigenous players such as Maurice Rioli, Michael Long, NickyWinmar and Syd Jackson, Carlton’s dual premiership player from the 1970s, had made their road “a lot easier”. While Motlop said he had not been racially vilified on the field, only last year Goodes candidly wrote a chapter in the book The Australian Game of Football that detailed an incident in a TAC Cup under-18s game when he was told to “F--- off you black c---” . He also told how in a 2002 game at the SCG, “one of the highest-profile players in football, held up as a role model”,called him a “F---ing monkey-looking c---”. VIDEO: Sportsmed SA’s Dr Geoffrey Verrall will fly to Barcelona today, after receiving an invitation from Barcelona FC ahead of their Champions League Final against Manchester United on May 28. Dr Verrall helped treat star Barcelona midfielder Lionel Messi, who was subsequently able to win gold with Argentina at the Bejing Olympics and perform at his peak in the Spanish Primera División. Messi is widely considered the greatest soccer player today. BUSINESS NEWS Elders confident despite $1bn debt PHILIP HOPKINS Rural group Elders, confident about the future despite a profi t downgrade, is negotiating with its banks to refi nance more than $1 billion in debt. The company, which includes an automotive arm, has lowered its 2008-09 forecast to a $5 million-$15 million loss because of lower volumes and lower prices for chemicals and fertilisers, and a patchy start to the grains season. “We have been hit in our peak earnings period,” said chief executive Malcolm Jackman. The estimates are below the $20 million-$40 million full-year profi t expected in April. Underlying profit for the second half is expected to be $7 million-$17 million, bolstered by a net $7 million from non-recurring items, chiefl y $40 million from the sale of the final stake in Australian Agricultural Company. Net debt at June 30 is expected to be $800 million, including total cash of $350 million, of which $150 million is unrestricted. The company has also applied to its banks and US noteholders to have its debts refinanced to September 30 in line with its new financial year. Mr Jackman said earnings would rebound in 2010 to between $43 million and $73 million underlying profit, with more growth in subsequent financial years.